Chipotle Mexican Grill, symbol CMG on New York, is a Denver-based Mexican-restaurant chain.
In the three months ended March 31, 2011, Chipotle’s revenue rose 24.3% to $509.4 million from $409.7 million a year earlier. The company’s restaurants attracted more customers during the quarter. That pushed up its same-restaurant sales by 12.4%. Chipotle also opened 12 new restaurants. It now has a total of 1,095 locations.
Earnings rose 22.5%, to $46.4 million from $37.8 million. Earnings per share rose 24.2%, to $1.49 from $1.20, on fewer shares outstanding. The company holds cash of $282.9 million, or $9.10 a share, and has no debt.
The company will open 135 to 145 new restaurants in 2011. That will push up this potential hot stock pick’s sales. However, rising food costs are putting pressure on its profit margins, and it’s uncertain if the company can raise its prices to offset those increases.
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